Samvardhana Motherson International Limited
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Key numbers — 40 extracted
rs,
INR 0.65
11%
23%
44%
30%
61%
438%
33%
193%
1.4x
1.8x
Guidance — 2 items
Notes
opening
“YoY represents comparison between Q4FY23 vs Q4FY22 & QoQ represents Q4FY23 vs Q3FY23 Source: Light Vehicles: S&P Global Mobility; Light Vehicle Forecast April 2023 / Commercial Vehicles: LMC Automotive (a Global Data UK Limited company); Commercial Vehicle Production Data April 2023 Consistently delivering strong performance with continued financial discipline.”
Notes
opening
“In addition, this presentation does not purport to be all- inclusive or to contain all of the information that may be required to make a full analysis of the Company, target entitles or the proposed transaction.”
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Risks & concerns — 15 flagged
Consolidated (Rs in crores) Amount Growth QoQ Growth YoY Revenue1 22,477 11% 23% 44% 30% 61% 438% 2,066 654 12MFY23 Growth 12M 78,701 6,394 1,496 23% 33% 193% EBITDA PAT (Concern Share) Consolidated (Rs in crores) Revenue1 EBITDA PAT (Concern Share)
— Regd Office
Higher inflation, volatile commodity, elevated interest rates and wage pressure continue to be a challenge.
— Notes
EBITDA includes Other Income (excluding Interest Income) which for Q3FY23 includes impact of favorable outcome on a tax litigation, amounting to Rs.
— Notes
Q4FY23 EBITDA includes the net impact of Rs 35 crores on account of write back of provision related to a litigation recorded in earlier periods now no longer required due to favorable judgement received, impairment losses in the carrying value of the investments and provisions taken for certain loans and advances; EBITDA margin computed is excluding the net impact of one-off items.
— Notes
* Under Modules and Polymer Products business division Share of India excluding MSWIL is calculated after excluding FY23 MSWIL revenues and including procurement done by MSWIL from wiring business of SAMIL This share is calculated without considering the impact of impairment 1515 Financial Highlights Q4 FY23.
— Notes
(Rs in Crores) Revenues 1 30% YoY / 11% QoQ 22,477 EBITDA2,3,5 61% YoY / 23% QoQ 20,267 17,241 Q4 FY22 Q3 FY23 Q4 FY23 2,000 1,000 - PBT 2,3 (before exceptional items and share of associates) 115% YoY / 33% QoQ 733 PAT4,5 (Concern Share) 438% YoY / 44% QoQ 977 35 5 942 455 652 390 Q4 FY22 Q3 FY23 Adjustment Q4 FY23 7.1% 1,287 652 1,222 Q4 FY22 168 46 122 Q4 FY22 10.
— Notes
EBITDA includes Other Income (excluding Interest Income) which for Q3FY23 includes impact of favorable outcome on a tax litigation, amounting to Rs.
— Notes
In Q4FY22 net impact of a) prior period income of ~Rs 65.4 crores pre-tax (~Rs 48.9 crores post tax), b) ~Rs 36 crores (Post Tax) on account of group reorganisation costs, c)~Rs 59 crores on account of reversal of deferred tax assets in SMRP BV for prior period losses 5.
— Notes
Q4FY23 EBITDA and PBT includes the net impact of Rs 35 crores on account of Rs 85.6 cr of write back of provision related to a litigation recorded in earlier periods now no longer required due to favorable judgement received, and Rs 50.3 cr of impairment losses in the carrying value of the investments and provisions taken for certain loans and advances; EBITDA margin computed is excluding the net impact of one-off items.
— Notes
The impact of PAT is however offset due to one time impairment of investments in certain JVs which are accounted in share of income from associates and JV 1717 SAMIL Standalone Q4FY23.
— Notes
EBITDA margins computed is based on the normalized EBITDA reversing the aggregate impact of these one-off items amounting to INR 104 Cr.
— Notes
Q4FY23 PAT includes net impact of Rs.78 Cr (post tax) on account of (a) impairment loss of Rs.50 Crs (post-tax) in the carrying value of the investments with respect to subsidiaries and JVs (b) Rs 28 Cr (post-tax) considered expected credit loss provision arising out of overdue receivables from a JV , 1818 Financial Highlights 12MFY23.
— Notes
1,800 (Concern Share) 193% YoY 1,600 1,400 7.5% 4,808 8.0% 6,394 59 6,335 10.
— Notes
FY23 PAT is having a impact of Rs.126 Cr (post tax) on account of (a) impairment loss of Rs.81.5 Cr in the carrying value of the investments in respect to subsidiaries and JVs (b) Rs 44.6 Cr (post tax) of expected credit loss provision arising out of overdue receivables from a JV 2121 Business Division Highlights.
— Notes
• Revenue growth is driven by • Robust demand for agri-equipment and off- highway in North America • Sustained demand for heavy duty trucks in North America and Europe • PV growth in Indian market • Though manpower inflation remains a challenge;
— Note
Speaking time
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Opening remarks
Regd Office
Unit – 705, C Wing, ONE BKC, G Block Bandra Kurla Complex, Bandra East Mumbai – 400051, Maharashtra (India) Tel: 022-61354800, Fax: 022-61354801 CIN No.: L34300MH1986PLC284510 Email: investorrelations@motherson.com The Board Meeting of the Company commenced at 1000 Hours (IST) and concluded at 1305 Hours (IST). The above is for your information and records. Thanking you, Yours truly, For Samvardhana Motherson International Limited (formerly Motherson Sumi Systems Limited) Alok Goel Company Secretary Proud to be part of. Samvardhana Motherson International Limited (Formerly Motherson Sumi Systems Ltd.) Q4 FY 2022-23 Results Presentation Key Highlights 1/2. Consistently delivering strong performance, Posted Highest Ever Quarterly and Yearly Revenues. Consolidated (Rs in crores) Amount Growth QoQ Growth YoY Revenue1 22,477 11% 23% 44% 30% 61% 438% 2,066 654 12MFY23 Growth 12M 78,701 6,394 1,496 23% 33% 193% EBITDA PAT (Concern Share) Consolidated (Rs in crores) Revenue1 EBITDA PAT (Concer
Notes
1.Revenue from operations 22 Volumes recovering in Europe, North America and India, China impacted negatively due to extended seasonal break Inflationary pressures resulting in high-cost structure; sharing of inflationary cost structures continues with customers Key Highlights 2/2. Continued Deleveraging Net Debt to EBITDA ratio improved to 1.4x from 1.8x QoQ Net Debt1 at Rs 7,474 crores (Reduction in working capital days remains WIP with operational measures initiated to normalize) Introducing SAMIL’s automotive booked business2 of USD 69+ billion with strong share of EV (20%) Present contribution from supplies to Electric Vehicles3 ~6% of revenues for FY23 ~7% of revenues for Q4FY23 Capex for the year at Rs 2,183 crores, remains under control 7 Strategic acquisitions since April 2022 with a combined proforma revenue of ~ USD 1.1 Bn (Net) / ~USD 4.9 Bn (Gross4), to accrue after transaction closing
Notes
1. Net Debt excluding lease liabilities, 2. Booked business is sum of lifetime sale value of orders yet to start production and orders currently under production; 3. EV sales includes only pure EV programs and not electric versions of multi powertrain vehicles and is calculated based on EV sales of wiring harness, module and polymer 33 products and Vision systems business divisions divided by total gross revenues Elevated Cost Structures seems like the ‘New Normal’. Higher inflation, volatile commodity, elevated interest rates and wage pressure continue to be a challenge. Indicators turning favourable, energy prices still at inflated level Indicators like inflation, Interests rates and commodity prices remain challenging 400.0 Energy prices Germany in Euro /MWh2 Europe in USD/MMBTU1 350.0 300.0 250.0 200.0 150.0 100.0 50.0 - 32 73 9 368 105.0 148 60 98 55.0 37 17 5.0 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 World Container Index USD 10,361 9,304 8,062 8,152 7,066 EU, USA
Notes
1. Prior period numbers for Q3 FY22 used here are financials for continuing operations as reported in the respective period and hence are not strictly comparable 2. Numbers for the period Q3FY22 does not include the addition of businesses of erstwhile SAMIL and hence not strictly comparable with subsequent quarters 3. Q4 FY 22 included income of ~Rs 65.4 crores received on account of rental income and management fee from MSWIL for the period 9MFY22; EBITDA margin computed is excluding the prior period income 4. Q2 FY 23 includes income of ~Rs 46.4 crores received on account of insurance claims for floods in Durban plant (Euro 5.7 million); EBITDA margin computed is excluding the one-off income 5. EBITDA includes Other Income (excluding Interest Income) which for Q3FY23 includes impact of favorable outcome on a tax litigation, amounting to Rs. 61 Cr (Euro 7.4 Mn) 6. Q4FY23 EBITDA includes the net impact of Rs 35 crores on account of write back of provision related to a litigation record
Notes
1. Net Debt mentioned is as of end of the period. 2. Net Debt to EBITDA ratio calculation includes lease liabilities. 3. Capex for prior period i.e., Q2 FY22, Q3 FY 22 is for continuing operations as reported in the respective periods 1010 Strong visibility on the future business. Introducing SAMIL’s Automotive ‘Booked Business’* in billion USD. (Booked businesses of otherbusinessdivisions otherthanSMPR BV ) Wiring Harness (India and Overseas) SMRP BV (Booked Business) + Elastomer Modules & Polymer Products (excluding SMP) Lighting & Electronics Precision Metal & Modules 50.00 45.00 40.00 35.00 30.00 25.00 20.00 15.00 10.00 5.00 0.00 29% from EV. 29.6 billion USD. 20% from EV. 69.1 billion USD. 39.5 billion USD. Booked business of SMRP BV Booked Business at SMRP BV. Other Business of SAMIL Booked Business of SAMIL’s other automotive businesses (excluding SMRP BV). Total Booked Business of SAMIL Automotive Booked Business of SAMIL Note • Booked business for automotive businesses i.e exc
Notes
1.Total revenue considered is including 100% of joint venture and associate companies consolidated under equity method. 2. Revenue by country is based on manufacturing locations. * Under Modules and Polymer Products business division Share of India excluding MSWIL is calculated after excluding FY23 MSWIL revenues and including procurement done by MSWIL from wiring business of SAMIL This share is calculated without considering the impact of impairment 1515 Financial Highlights Q4 FY23. SAMIL Consolidated Q4FY23. (Rs in Crores) Revenues 1 30% YoY / 11% QoQ 22,477 EBITDA2,3,5 61% YoY / 23% QoQ 20,267 17,241 Q4 FY22 Q3 FY23 Q4 FY23 2,000 1,000 - PBT 2,3 (before exceptional items and share of associates) 115% YoY / 33% QoQ 733 PAT4,5 (Concern Share) 438% YoY / 44% QoQ 977 35 5 942 455 652 390 Q4 FY22 Q3 FY23 Adjustment Q4 FY23 7.1% 1,287 652 1,222 Q4 FY22 168 46 122 Q4 FY22 10. 0% 8. 0% 6. 0% 4. 0% 2. 0% 0. 0% 9.0% 2,066 35 2,031 Q4 FY23 654 8.3% 1,684 0 1,684 Q3 FY23 Adjustment 454 Q3 FY23
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